Gift tax
This query is : Open
23 July 2015
Sir, If a immovable property is received by a unregistered society as a gift by a unregistered trust, then in that case what are the tax obligation on society under section 56(2)(vii)
23 July 2015
in case of recipient its applicable to individual or huf not on other .
23 July 2015
It will be taxable as section 56(2)vii is applicable on individual and huf only.
23 July 2015
Thank for the kind reply but as society is not treated as individual in that case we can avoid gift tax
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